Oil prices (BZ=F, CL=F) are trading lower on Monday after OPEC+ announced an extension of production cuts into 2025. Bob McNally, founder & president of Rapidan Energy, joins Catalysts to discuss his outlook on oil prices.
According to McNally, OPEC+’s decision "had a lot of moving parts." He notes that while some aspects were "supportive of prices," other elements, such as the tapering of cuts, caught investors "by surprise." However, he believes that OPEC is willing and able to pause or reverse tapering: "I don’t think they’re gonna let the bottom out of the price of crude," he says, but acknowledges that this explains the market’s bearishness.
Regarding oil prices, McNally highlights that there are "real downside" macroeconomic risks, including the Federal Reserve’s decision on rate cuts, demand for oil, and ongoing geopolitical tensions. Nevertheless, he states that the market is currently in a "show-me-the-barrels" mode.
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